Tupperware
August 14, 2024
Tupperware Brands Corporation disclosed that on August 12, 2024 it entered into a senior secured bridge loan facility of up to 8 million dollars, drawing 4 million dollars immediately, with the remaining 4 million dollars available only at the lenders' discretion. The loans carry 14 percent annual interest and a 25 percent original issue discount, are secured by inventory of Tupperware U.S., and mature on September 30, 2024.
At the same time, the company amended its existing credit agreement and forbearance agreement. The amendments allow the bridge loans, subordinate existing lenders' liens on the bridge collateral, remove certain forbearance milestones and extend the forbearance period from August 15 to the bridge maturity date.
On the same day, Tupperware told the Securities and Exchange Commission it could not file its second-quarter Form 10-Q on time. It cited significant liquidity challenges, continuing substantial doubt about its ability to continue as a going concern, and heavy attrition in its accounting department, including the recent departure of its chief financial officer. It still has not filed its 2023 annual report or its first-quarter report.